Loss on accounts receivable in 4Q 2010

(Thomson Reuters ONE) -


In our accounts for the 4(th) quarter 2010 Farstad Shipping will be booking a
loss on accounts receivable of approx NOK 46 million related to freight income
earned by one of our vessels which this autumn was contracted by the UK company
Subocean Group.


Subocean Group went into administration last week Friday. According to a
newspaper article published on Monday 31st January the company's assets have
been sold to Technip. Based upon this fact Farstad Shipping has decided to write
down in the 4(th) quarter's accounts its total outstanding amount.


Contacts:
CEO Karl-Johan Bakken - tel. +47 901 05 697
CFO Torstein Stavseng -   tel. +47 911 07 001



Farstad Shipping's fleet currently consists of 58 vessels (32 AHTS, 24 PSV and
2 SUBSEA) and 4 PSV under construction. The company's operations are run from
Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro by a
total of 1820 employees onshore and offshore. The company's strategy is to be a
major international supplier of large, modern offshore service vessels to the
oil industry.  We also remain committed to solid long-term charter profile for
the fleet.

www.farstad.com


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.







This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Farstad Shipping ASA via Thomson Reuters ONE

[HUG#1484393]

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Bereitgestellt von Benutzer: hugin
Datum: 01.02.2011 - 15:31 Uhr
Sprache: Deutsch
News-ID 50945
Anzahl Zeichen: 2052

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